A Business Has the Following Transactions: the Business Is Started $\begin{array}{l}\text { Accounts receivable }\\\begin{array} { l | l } \hline 9,000 & \\& 1,500 \\\hline & 7,500\end{array}\end{array}$

question 117

Multiple Choice

A business has the following transactions: the business is started by receiving $20,000 from the owner.The business purchases $500 of supplies on account.The business purchases $2,000 of furniture on account.The business renders services to various clients totaling $9,000 on account.The business pays out $2,000 for Salary expense and $3,000 for Rent expense.Business pays $500 to supplier for the supplies purchased earlier.The business collects $1,500 from one of its clients for services rendered earlier in the month.At the end of the month,all journal entries are posted to the ledger.The Accounts receivable account will appear as follows:

• A)
• \(\begin{array}{l}
• \text { Accounts receivable }\\
• \begin{array} { l | l }
• \hline 9,000 & \\
• & 1,500 \\
• \hline & 7,500
• \end{array}
• \end{array}\)
• B)
• \[\begin{array}{l}
• \text { Accounts receivable }\\
• \begin{array} { l | l }
• \hline 9,000 & \\
• & 1,500 \\
• \hline 7,500 & \\
• \end{array}
• \end{array}\]
• C)
• \[\begin{array}{l}
• \text { Accounts receivable }\\
• \begin{array} { l | l }
• \hline 9,000 & \\
• & \\
• \hline 9,000 &
• \end{array}
• \end{array}\]
• D)
• \[\begin{array}{l}
• \text { Accounts receivable }\\
• \begin{array} { l | l }
• \hline 9,000 & \\
• & 1,500 \\
• \hline 7,500 & \\
• \hline
• \end{array}
• \end{array}\]

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Definitions:

Fiscal Year

A one-year period used for financial reporting and budgeting by businesses and governments, which may not align with the calendar year.

Dishonored Note

This term refers to a promissory note that has not been paid at maturity by the maker, resulting in default.

Interest for Days

Calculated as the interest rate on a loan or investment applied over a specified number of days.

Total Amount Charged

The total amount charged refers to the aggregate sum of all charges, fees, and expenses associated with a transaction or series of transactions.